Table of Contents August 2007

FEATURES

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  A Mod, Mod World: Modern Multifamily Design

  If Field of Dreams was remade for today's audience, the protagonist wouldn't be urged to build a baseball diamond but rather a structure equally as precise—and just as irresistible to its fans: a shimmering tower of glass and steel, with 90-degree angles, clean lines, and expansive views.

   

• Greener Pastures

   
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  Tipping Point: Subprime Fallout

  Michael Sichenzia knows the tell-tale signs of mortgage fraud when he sees them.“Say you only make 50 grand a year,” the New York City native proposes in a rough-and-ready Brooklyn accent. “Well, what about your furniture and your jewelry? Let's list those as 75 grand in additional assets. Hey...

   

Cover Story

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  A Train Runs Through It: West Loop Development

  Fifield Cos.' K Station development in Chicago's West Loop brings new meaning to the term “transitoriented site.” The incredibly complex transportation hub, which served as the original railroad terminal in Chicago called Kinzie Station, includes a subway tunnel and an adjacent rail line. But...

   
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  Sixth Sense: Meet Steven Fifield

  On a cool, spring Chicago morning, Steven Fifield instinctively sits cross-legged and assumes a meditation pose on a grassy rooftop at Left Bank at K Station, his firm's newest high-rise apartment community. The impromptu gesture surprised the MFE photographer, but actually makes perfect sense to...

   

FROM THE EDITOR

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  Hot and Cold: Real Estate Research Reports

  Summer is at its height. Kids slip on waterslides in their blissfully green front lawns. The air is stiflingly thick with humidity. Last month, fireworks ravaged the sky. And just about that same time, the annual “State of the Nation's Housing” report by Harvard's Joint Center for Housing Studies...

   

NEWS + NUMBERS

Stat of the Month

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  Slow Starts: Condo Permits Fall

  Multifamily permits and starts continued to wane in the first quarter of 2007, due primarily to the significant contraction in condo and townhome development, according to the quarterly “Performance Monitor” by Marcus & Millichap. The report noted that approximately 2.8 percent of the homes, condos...

   

Direct Reports

• Q & A

   

• Show Me the Money: Tax Credits in Louisiana

  Louisiana is in the hot seat after reportedly miscalculating the price tag for the state's affordable and mixed-income housing.

   
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  Natalie's Wish: Funding Cystinosis Research

  If you walked into the Balboa Beach Club in Newport Beach, Calif., on June 1, you just might think you were at a multifamily industry conference. But heavy hitters such as Michael Hayde of Western National Group and Bill Gaboury, formerly of Shea Properties, weren't there to discuss business. They...

   
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  News Bites: August

  After cutting his chops on the Wave Tower and Pixel Tower, architect James Law is heading up his most ambitious Dubai project to date: the iPad Tower. The “cybertechtural” 26-floor apartment building for Omniyat Properties features 231 one-and two-bedroom apartments and lofts with windows wired for...

   

• Crucial Save: Chicago's Affordable Housing Crisis

  Chicago's Cook County, which has been losing much needed affordable housing units since 1990, is on pace to lose another 78,000 units by 2020. A group of 100 civic, government, real estate, and business leaders wants to make sure that grim outlook doesn't become a reality.

   
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  In the Line of Fire: Protests at Stuy Town

  Even as its proposed $22.2 billion acquisition of Denver-based REIT Archstone-Smith Trust inches toward reality, multifamily newcomer Tishman Speyer is feeling the heat. The company has found itself in the midst of resident turmoil at the 110-building Stuyvesant Town and Peter Cooper Village—a New...

   

Regional

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  Bayou Build-out: New Orleans Mulitfamily Market

  The jazz funeral that many thought was imminent for the metro New Orleans apartment market is officially cancelled. In the immediate aftermath of Hurricane Katrina, apartment execs may have been prudent to have their black suit dry-cleaned, but once the water subsided and the clouds and water left...

   

PEOPLE + PLACES

Apartment Life

• Busy Signal: Apartment Call Centers

  When prospective renters come into the leasing office at Dunwoody Place in Sandy Springs, Ga., they're often disappointed they can't meet Joan. It's not that Lane Co. in Atlanta, which manages the property, fired Joan. And it's not because Joan has quit or taken a sick day.

   

SALES + SOLUTIONS

New Developments

• Life Line: Avenue in Charlotte, N.C.

  Avenue, a 36-story multifamily housing project in the Fourth Ward of Charlotte, N.C., has to please the living and fit in with the dead. Developer Novare Group and general contractor R. J. Griffin & Co., both in Atlanta, partnered with Charlotte-based architects Smallwood, Reynolds, Stewart...

   
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  Archstone Boston Common

  Beantown's got a new neighbor. Archstone Boston Common—a 28-story apartment community—is the first high-rise residential development underway in downtown Boston in more than 20 years. The 420-unit project marks a major step in the redevelopment of the city's downtown. Archstone Boston Common is...

   

Done Deal

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  Fair Fight: Rosslyn Ridge Arrives

  If you want to build affordable housing along Arlington County's Orange metro line, the math just doesn't add up. Development costs can run as high as $300,000 to $400,000 per unit on the suburban Virginia route, which takes commuters directly into the heart of the nation's capital.

   

Tech Specs

• Getting Friendly: Web-savvy Marketing

  When it comes to marketing, Phoenix-based multifamily owner, developer, and fee manager Mark-Taylor Residential doesn't mess around.

   

PRODUCT STUDIO

• Q & A with Casey Cummings

  How can developers make apartments and condos kid-friendly?

   
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  Hot Product of the Month: Broan humidity fan

   
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  Modern Sensibilities: Kitchen Bath Products

  What do trendy urban lofts, high-rise condos, and garden-style suburban apartments have in common? Kitchens and bathrooms that feature contemporary designs and modern aesthetics.

   

LANDMARKS

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  The Ventana Luxury Lofts

  In the early 1900s, downtown St. Louis was hot on the textile industry trail. Warehouses and massive brick buildings lined the city's downtown streets.